Mews has launched the Flexible Financing funding program, which provides hospitality businesses with access to capital, as the number of hoteliers branching out to offer additional amenities for guests has more than doubled in the last year.
Flexible Financing is delivered in collaboration with financing provider YouLend, enabling eligible customers to receive funding of up to 1 million euros ($1.08 million) that can be used for any purpose, helping them to expand their businesses, fuel their growth and weather seasonality. YouLend has provided more than 150,000 funding options to small and medium-sized businesses.
“We know that many of our customers are looking for reliable and quick access to funding to grow or improve their business,” said Matt Welle, CEO, Mews. “This can be anything from opening new properties to redesigning their space to create additional revenue streams. We’re thrilled to be able to present financing to our customers to support them to grow and believe this will have a huge impact on the hospitality sector, providing more remarkable experiences for guests.”
Luuk Visschedijk, global head of strategic partnerships, YouLend, said, “By offering YouLend’s financing solution in the Mews network, we’re able to bring access to capital for thousands of hospitality businesses across Europe and the U.S. Mews and YouLend share the same goal of offering best-in-class technology solutions, and through our partnership, we’re empowering hotel partners to supercharge their growth through fast and flexible funding.”
According to data from the latest Mews Hotelier Survey, 30% of hoteliers are hindered from increasing non-room revenue by a lack of spare funds. Flexible Financing allows hoteliers to make the most of their real estate and provide extra amenities and experiences to their guests. The financing is currently available in the U.S., The Netherlands, Belgium, Spain, Germany, U.K. & Ireland and Poland. Eligible Mews customers in those markets can apply directly via the Mews Hospitality Cloud, and YouLend can provide cash in as little as 48 hours.
Flexible Financing offers transparent, capped rates and the absence of late fees, as well as a flexible repayment plan, where financing repayments are based on a fixed percentage of a hotel’s daily Mews Payments sales until the funding is fully repaid.
Patrick Fidder, owner, Hotel Fidder, a Mews customer in The Netherlands, said, “The application process was fast and simple, and in just a few days, we received the financing we needed to fuel the growth of our business. All in all, it was faster than other options, which meant we had more time to dedicate to our guests.”
